Since its founding in 1889, the Insurance Advocate® has been the magazine that covers the people and issues affecting the insurance industry in New York, New Jersey, Eastern Pennsylvania, Connecticut and beyond.
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Specialty brokerage firm Alliant Insurance Services has acquired program underwriter and wholesale broker Preferred Concepts, its fourth MGA acquisition in 2015. Terms of the acquisition were not disclosed. Preferred Concepts, with offices in New York, New Jersey and Connecticut, provides insurance solutions to the real estate industry, offering coverages through three operating units. “As the […]
InVEST, the Independent Insurance Agents and Brokers of America’s classroom-to-career education program, awarded $77,000 in scholarships to 88 students pursuing insurance-related degrees. “InVEST congratulates the 88 students representing 32 high schools, colleges and universities in 14 states and Washington, D.C., who earned scholarships this year,” says Robert G. Slocum, InVEST board chair, and president of […]
Willis Group Holdings and Towers Watson plan to merge in an all-stock deal creating a firm with an equity value of about $18 billion. As part of the transaction, Willis shareholders will own 50.1% of the combined company, while Towers Watson will own 49.9%. Towers Watson shareholders will receive a one-time cash dividend of $4.87 […]
ACE Limited will acquire rival The Chubb Corporation for $28.3 billion, or $62.93 per share in cash and 0.6019 shares of ACE stock, the companies announced July 1. ACE used the term “complimentary” a number of times to describe the two companies in the statement announcing the planned acquisition. ACE Chairman and CEO Evan Greenberg […]
Commercial lines rate increases continued, but slowed in Q1 2015, according to Towers Watson’s latest Commercial Lines Insurance Pricing Survey (CLIPS). Rates overall were up 2% in the quarter compared to the same period a year ago, the survey notes, with increases in most individual lines in the low single digits. Commercial auto and employment […]
Senate Democrats defeated a bill designed to strengthen cybersecurity measures, objecting to Republican efforts to attach the proposal to a larger defense-policy bill, The New York Times reports. The Times article, “Senate Rejects Measure to Strengthen Cybersecurity,” written by Jennifer Steinhauer, notes that the cyber measure is similar to one that passed the House in […]